Abstract
This paper proposes a multi-objective bidding strategy for a generation company (GenCo) in a day-ahead uniform price spot market using non-dominated sorting particle swarm optimisation (NSPSO). NSPSO is introduced to solve the multi-objective strategic bidding problem considering expected profit maximisation and risk (profit variation) minimisation. Monte Carlo (MC) simulation is employed to simulate rivals' bidding behaviour. Test results indicate that the proposed approach can provide an efficient non-dominated solution front. In addition, it can be efficiently used as a decision-making tool for a GenCo compromising between expected profit and the risk of profit variation in a spot market.
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